DRAINAGE BOARD LOAN

Press, Volume LXXXVIII, Issue 26868, 22 October 1952, Page 8

DRAINAGE BOARD LOAN

ISSUE OF £250,000 4 P.C. DEBENTURES

CHAIRMAN APPEALS FOR SUPPORT

It was essential that the board’s loan issue be successful, as otherwise the whole programme of sewer relief works would be brought to a standstill, said the chairman (Mr E. H. S. Hamilton), when he announced at a meeting of the Christchurch Drainage Board last evening that the board would today launch a '£250,000 loan issue of 4 per cent, debentures. Of the proceeds, £200,000 will be used to continue works to relieve the existing overloaded sewerage system, so that extensions can be made to serve the expanding Christchurch metropolitan area, and £50,000 will be used to provide a sewerage system for New Brighton.

“The capital- works covered by the loan issue will provide partial relief in areas to the north and west, which are waiting for the completion of the southern relief trunk sewer and part of the loan issue will also provide that the New Brighton sewerage scheme can be continued to a stage where the reticulated part of the central area can be put into use.” said Mr Hamilton. “Further major planning is under way, so that the next stages can be pushed forward without delay as soon as further loan money is available. “The provision of sewers is essential in modern communities to protect the health and well-being of the residents, and unsewered areas in a closely-set-tled district may become a menace to the well-being of the Community,” said Hr Hamilton.

“Connexion of a property to the sewers increases the value of that property, and the greater the value of the district, the better able it is to meet the capital cost. "It is in the interests of every citizen that present and future sewerage requirements be provided without delay, and the board is placing the present 4 per cent, loan issue before the public fully confident that all citizens with the interests, of Greater Christchurch at heart will make every endeavour to ensure the complete success of the loan,” Mr Hamilton concluded.